The newly rebranded ICONLOOP continues to set the pace in the cryptocurrency space. ICON (ICX) is delighted to announce that its official development partner is entering the financial system. ICONLOOP has today, September 19 signed a memorandum of understanding (MOU) with SK Holdings C&C which stipulated that the two entities will collaborate to create “blockchain business models in financial industries.” The signed MOU will ensure that specially designed blockchain models are developed for the banks, insurance firms, broker dealers including other financial service entities that have not been mentioned.

Although ICONLOOP protocol is specifically designed for the development of authentication services, precise insurance claim services as well as document management, the collaboration with SK Holdings C&C will see them achieve more in terms of blockchain proficiency. The financial models to be introduced are critical for the adoption of blockchain in the traditional financial industries.

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However, the two entities will focus on developing models to be used by smaller financial service companies. This is because larger financial institutions pose a lot of difficulty and challenges. For instance, it is easier to come up with a public blockchain model that mainly targets insurance claims, in this case, car insurance. Where there is a possibility of creating a tokenized type of mileage rewarding system. Significantly, the announcement indicates that these are the kind of services that the MOU has in mind.

ICONLOOP is not new to blockchain-based financial services. The team is known for the development of CHAIN ID; a system jointly operated by the Korea Financial Association for identity authentication. In contrast, SK Holdings C&C launched business blockchain platform that enables identity verification alongside logistic management, distribution of digital-based documents. The blockchain system also supports “CaaS” (Coin as a Service) for issuing gift cards. The chief executive officer of ICONLOOP, JH Kim commented on the partnership saying:

“With the MOU, we expect the blockchain platform of ICONLOOP to spread to not only domestic but global financial institutions based on SK Holdings C&C’s knowledge of financial industries and its excellent technical capabilities.”

Furthermore, another comment from the Head of Financial Business at SK Holdings C&C reads:

“In order to rapidly expand the blockchain market and ecosystem, it is important to secure various platform technologies and services,” also “This MOU will enhance our blockchain platform and service technology capabilities and help develop specialized blockchain service models for each aspect of the financial services industry, creating social value at last.”

ICONLOOP is hopeful that this project will speed up the incorporation of the blockchain technology in the financial service sector. As the platform strives to achieve blockchain hyperconnectivity it is also working to ensure that specialized blockchain products are introduced in the financial market specifically targeting enterprises via international money transfer services.

Token Overview

ICON (ICX) is trading at $0.606 on Wednesday following a 4.57% growth in the last 24 hours. The crypto’s trading volume stands at $15 million at the time of writing. ICON is ranked 37th on CoinMarketCap with a capitalization of $235 million. It has a total supply of 800,460,000 ICX tokens with 387,431,340 ICX in circulation.

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